01
Oct
Real Estate Regulatory Authority to be Established
Islamabad: Following the conditions set out by the Financial Action Task Force (FATF), the Government of Pakistan has decided to set up the Real Estate Regulatory Authority (RERA) in Pakistan. This authority will manage the affairs of real estate with an appellate tribunal to settle the disputes of the sector.
The real estate agents will also be registered by the authority for the sale/purchase of plots, buildings, houses, and other properties. For this purpose, the Real Estate Regulation and Development Bill 2019 has also been finalized but it is expected that this authority will be implemented via a presidential ordinance.
Reports suggest that non-registered agents will not be able to promote, sell, or purchase any plot and even publish an advertisement. The developer will be bounded by law to submit the details of his past projects and present a complete plan for the future as well.